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The Role of Family in Family Firms

The Journal of Economic Perspectives · 2006 · Vol. 20(2) · pp. 73–96

Marianne Bertrand✉(National Bureau of Economic Research)Antoinette Schoar(National Bureau of Economic Research)

Abstract

History is replete with examples of spectacular ascents of family businesses. Yet there are also numerous accounts of family businesses brought down by bitter feuds among family members, disappointed expectations between generations, and tragic sagas of later generations unable to manage their wealth. A large fraction of businesses throughout the world are organized around families. Why are family firms so prevalent? What are the implications of family control for the governance, financing and overall performance of these businesses?

Family Business Performance and Succession Corporate Finance and Governance Working Capital and Financial PerformanceCorporate governanceFamily businessBusinessControl (management)GenealogyEconomicsMarketingManagementFinanceHistory

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